Settlement of loan account

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hemlata p. soni (Querist)
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28 February 2012 I MADE A MISTAKE AT THE TIME OF SETTLEMENT OF LOAN ACCOUNT. LOAN FOR A THREE YEARS. IN SECOND YEAR I MADE ONE ENTRY FOR LOAN INSTALLMENT IN CASH BECAUSE I DIDN'T GET A DETAIL OF CHEQUE PAYMENT MADE FOR INSTALLMENT. I FELT THAT PAYMENT MADE IN CASH. BUT IN THIRD YEAR, I FOUND THAT THE CHEQUE PAYMENT ENTRY MADE IN ANOTHER LOAN. THE TWO LOAN TAKEN FROM SAME COMPANY NAME, SO I WAS CONFUSED. KNOW IN OTHER LOAN IN WHICH I DID THE CHEQUE ENTRY, IN THAT THERE IS SHOWN EXCESS ENTRY BY THE AMOUNT OF CHEQUE. SO PLEASE GIVE SOLUTION HOW TO SOLVE THIS PROBLAME. ENTRY MADE IN CASH, CAN I REVERSE IT?. GIVE ON URGENT BASIS WITHIN HOURS. THANKING YOU.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 May 2012 If the books of accounts have not been closed, then you can rectify the mistake by deleting the cash entry and debiting the correct loan account in cheque entry.

If the books of accounts have been closed, then pass a transfer entry between the two loan accounts.

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